The Ford government’s plans to combat the U.S. trade tariffs will be fully revealed next week.
Finance Minister Peter Bethlenfalvy is to deliver the PC’s first budget since their election on May 15th.
It will include an expansion of a tax credit supporting the manufacturing and processing sectors.
Qualifying companies can receive a tax credit of up to $3 million per year when they reinvest to expand facilities or purchase new equipment.
“Manufacturing workers here in Ontario are already feeling the impact of President Trump’s tariffs, including job losses that are the direct result of the economic uncertainty he has caused,” states Peter Bethlenfalvy, Minister of Finance, in a release.
“In response, our plan to protect Ontario will bring in new investments to create new jobs and opportunities for our world-class manufacturing workers so we can build a stronger economy capable of withstanding whatever comes our way.”
“Today’s announcement will provide important support to the more than 830,000 men and women who work in the manufacturing sector and who are worried about the impact of tariffs on their jobs,” states Vic Fedeli, Minister of Economic Development, Job Creation and Trade.
The Ontario Made Manufacturing Investment Tax Credit was first put in place by the Ford government in 2023.
The province says by 2028, the credit will have provided an estimated $1.4 billion in income tax support to Ontario manufacturers and processors.
